Acquires EU13m office building in Freiburg Germany

RNS Number : 0504I

CLS Holdings PLC

28 June 2013

 

Release date:                28 June 2013

Embargoed until:            07:00

CLS Holdings plc announces acquisition of

€13.08 million multi-let office building in Freiburg, Germany

CLS Holdings plc announces that it has completed on the acquisition of a modern multi-let office building in the inner city of Freiburg, in south western Germany for €13.08 million before costs.

The fully let building generates rent of €1,235,410 per annum, giving a net initial yield of 8.75%. Debt has been provided by a regional Sparkasse lender.

The six occupiers include a government department, Commerzbank and KPMG.

The building provides lettable space of 7,135 sq m over nine floors, comprising 5,127 sq m of modern office accommodation, 1,247 sq m of retail space and 761 sq m archive storage space.  In addition, there are 112 underground parking spaces let to the current tenants. 

Sten Mortstedt, Executive Chairman of CLS Holdings plc, commented:

"I am very pleased with this well located acquisition in Germany, let to some high quality occupiers, which continues our strategy of focusing on high yielding, cost‑effective offices with interesting management angles. I am also delighted to welcome a new lender to the Group."

-ends-

For further information, please contact:

CLS Holdings plc                                                         [phone]

www.clsholdings.com   

Sten Mortstedt, Executive Chairman

Henry Klotz, Executive Vice Chairman

Richard Tice, Chief Executive Officer

Liberum Capital Limited                                             [phone]

Tom Fyson

Charles Stanley Securities

Mark Taylor                                                                   [phone]

Hugh Rich

Kinmont Limited                                                          [phone]

Jonathan Gray

Smithfield Consultants (Financial PR)                         [phone]

Alex Simmons

 

END

 

 

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